Professor Salaries Fail to Keep Up with Inflation

The American Association of University Professors issued a report today showing that on average faculty salaries are failing to keep up with inflation by a hair.Inside Higher Ed has a good summary of the issues involved, which fields are falling, and which schools are paying the most. For those of you dreaming of life in academia, consider the following:

Between 1986 and 2005, the percentage change in real salaries for faculty members increased by 0.27 percent. The increases were substantially larger for engineers (4.68 percent), lawyers (17.73 percent), and physicians (34.41 percent).

In 2004-5, salaries of full professors at public institutions equaled 77 percent of average private salaries at doctoral institutions, 91 percent at master’s institutions, and 83 percent at baccalaureate institutions.

Here are the top five private universities in terms of faculty salary: